In 2023, The Money Guy Show hosts Brian Preston and Bo Hanson looked at the financial hacks and tips of the top 1%. The episode looked through income levels and wealth for different age groups. If you want to reach the top 1% — or just get some guidance on your wealth-building journey — here’s a breakdown of the tips they shared.
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Delayed Gratification Is Crucial
As easy as it is to spend money today, it’s essential that you learn how to delay gratification so that you can save for the future. Delayed gratification is important when you’re young and new in your investing journey, because you want to ensure that you’re building for the future.
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A High Income Is Important
The hosts shared the importance of a high income to have a high savings rate, since you can only rely on frugality tactics to a certain level. The top rich earners focus on increasing their incomes so that they have more money to allocate towards investing.
Keep Living Expenses Low When Possible
Early in your career, you want to live as lean as possible by reducing your living expenses. If you want to build wealth when you’re still young, you have to focus on reducing your largest expense so that you have the funds to invest.
You don’t want to live a lavish lifestyle that you can’t afford too early in your life, because this will prevent you from building wealth.
Choosing the Right Partner Matters
The hosts stress that you should spend time and effort choosing the right partner, because the harsh reality is that a divorce can be a crippling financial situation. You also want to ensure that your partner shares similar money-related goals so that…
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